Interest Rate Dynamics and Monetary Policy Implementation in Switzerland

Puriya Abbassi, Dieter Nautz and Christian Offermanns

Swiss Journal of Economics and Statistics (SJES), 2010, vol. 146, issue I, 313-340

Abstract: The maturity of the operational target of monetary policy is a distinguishing feature of the SNB's operational framework of monetary policy. While most central banks use targets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the three-month Libor. This paper investigates the working and the consequences of the SNB's unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.

Keywords: Implementation of Monetary Policy; Operational Targets of Monetary Policy; Three-Month Rate Targeting; Financial Crisis (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sjes.ch/papers/2010-I-13.pdf (application/pdf)

Related works:
Working Paper: Interest Rate Dynamics and Monetary Policy Implementation in Switzerland (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ses:arsjes:2010-i-13

Access Statistics for this article

Swiss Journal of Economics and Statistics (SJES) is currently edited by Marius Brülhart

More articles in Swiss Journal of Economics and Statistics (SJES) from Swiss Society of Economics and Statistics (SSES) Contact information at EDIRC.
Bibliographic data for series maintained by Kurt Schmidheiny ().